The Renewable Fuel Standard (RFS) renewable volume obligations (RVOs) issued by the Environmental Protection Agency (EPA) provide percentage standards applied to the initial mandated forecast at that time of release.
The percentage standards translate into volumes based on the estimated consumption forecast. The actual RVOs become known over time, but use the same percentage standards applied to the original mandate, which created the initial volume expectations.
The original RVO forecast called for 21.54 billion gallons of renewable fuel to be blended into the United States transportation fuel pool.
The mandate required the blending of 1.09 billion gallons of cellulosic fuel, 3.04 billion gallons of biomass-based diesel (BBD) and 6.54 billion gallons of advanced biofuel. Additionally, it had an implied conventional renewable fuel mandate — commonly referred to as the ethanol mandate — of 15 billion gallons.
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10.18.2024
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Several market participants told Fastmarkets it was a...